Caesars subsidiary to file for bankruptcy
By J.D. Morris, Las Vegas Sun
Casino giant Caesars Entertainment, which for years has struggled with massive debt, announced today that its largest subsidiary reached an agreement with key creditors on a financial restructuring plan.
The subsidiary, Caesars Entertainment Operating Company or CEOC, will file for bankruptcy in mid-January, the company said in a statement. Bloomberg News reported this morning that an agreement was in the works.
Source, “Caesars has struggled with debt since it went through a $30.7 billion leveraged buyout six years ago. The company has lost money every year since 2009.”
“The subsidiary, which owns Caesars Palace, is saddled with $18.4 billion in debt. The restructuring plan will reduce that by about $10 billion, according to the statement.”
“Other creditors have to sign onto this, which is a big If.”
“CEO Gary Loveman noted that business operations will ‘continue as usual’ throughout restructuring.”
I wonder if Joe Pesci is counting the money for Caesars.
Are all of the Caesar’s properties managed as poorly as their Tahoe properties?
How could they sell the Bill’s property for less than $6,000,000 so a tacky two story strip mall could be built???
It should have torn down and turned into the amphitheater every one wants. Combined with the parking lot it would have been more than large enough. Look how the sunlight comes in after the removal of the entrance to the old Ho.
They could have accomplished this for a fraction of the money they claim they will spend to remodel their hwy frontages. Now they want us to tolerate obscene traffic while they close all the roads at the same time to create the new loop road. Can hardly wait for that chili cook-off.
And the bonus checks will be sent out before January.
“Business as usual” for the incredibly arrogant management style that has bilked their investors, decimated employee morale, lost their customers and destroyed the brand.